AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.31% against the USD to close at 0.9705, as mounting concerns about the economic situation in Euro-zone dampened the demand for high-yielding assets.
LME Copper prices declined 1.9% or $142.8/MT to $7542.5/ MT. Aluminium prices declined 1.1% or $22.0/MT to $1957.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 0.9706, with the AUD trading marginally higher from yesterday’s close.
Data released this morning showed that building permits in Australia fell 8.7% (MoM) in April, compared to a rise of 6.0% in March. Additionally, private capital expenditure in Australia rose 6.1% (QoQ) in first quarter of 2012, against the market expectation of 4.0% rise, while private sector credit rose 0.4% (MoM) in April.
The pair is expected to find support at 0.9652, and a fall through could take it to the next support level of 0.9598. The pair is expected to find its first resistance at 0.9782, and a rise through could take it to the next resistance level of 0.9858.
Trading trends in the pair today are expected to be determined by the release of AiG performance of manufacturing index in Australia.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
